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How to Estimate the Cost of a Home Renovation

How to Estimate the Cost of a Home Renovation

Before tackling a home renovation project, you must first establish a budget. Better Homes and Gardens recommends budgeting for renovation projects in advance, while Remodelling Magazine offers a Cost vs. Value Report to help you determine the average cost of your project. To get more details contact https://www.jiffyjunk.com/what-we-do. Zillow also recommends planning for an additional 10 to 20% in case unexpected costs arise. To ensure your renovation will be a success, consider a few tips to ensure you don’t go over budget. The average cost to install drywall, including the finishing, taping, labor costs, and materials, is between $1.50 to $3 per square foot.


Whether you’re a first-time home renovator or a seasoned pro, you’ll want to keep a few factors in mind when planning the cost of your renovation. These tips can help you minimise costs and maximise the return on investment of your home renovation. In addition to lowering operational costs, renovations can increase the overall appeal of your property. Consider all of your options when estimating the cost of a home renovation.

Before determining the cost of a home renovation project, consider the size of your property, age, and location. This information will determine the cost of labour and material choices. During the planning stage, sketch out a floor plan and consider the amenities that each room will have. For instance, a bedroom with an en-suite bathroom may cost $1,200. However, the cost of the same room in a larger house could increase to $12,000 or more.

Return on Investment

The ROI of home renovation is a popular myth in the remodel industry, which is widely publicised in the media. However, this myth does not apply to teardowns, as the property is not worth any more after the renovation than it was before the remodel. Similarly, it does not apply to future buyers, because the teardown may not be worth much more after the renovation. In fact, the ROI for a home renovation is often less than 70 percent.

The return on investment of home renovations varies widely and depends on the type of home renovation and its location. Generally, the greatest ROIs are those that improve curb appeal, increase square footage, and improve functionality. However, renovations that are out of character with the neighbourhood typically yield a low ROI. For example, luxury entertainment upgrades may not be necessary for all homebuyers, and their value is highly based on personal preference.


Regardless of how much you love your current home and the features you want to add, there’s one important thing to remember when planning a home renovation. The phrase “fail to plan is to plan to fail” definitely applies to home renovations. Without a comprehensive plan, it’s easy to get sidetracked and the project may end up looking more like a mess than anything. So how do you plan a home renovation?

First of all, consider your timeline. If you’re planning on renovating your entire home, you may need to work out alternative living arrangements, such as renting out a room while the renovation is in progress. Also, remember to prepare the space before the builders arrive. This means removing all furniture and electrical items. You’ll also want to consult with local government agencies to obtain permits. While some counties may require professional drawings and planning documents, many of them allow electronic submission.